Thrivent Financial for Lutherans Has $1.19 Million Holdings in Tennant (NYSE:TNC)

Thrivent Financial for Lutherans trimmed its position in Tennant (NYSE:TNC) by 97.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,621 shares of the industrial products company’s stock after selling 669,535 shares during the quarter. Thrivent Financial for Lutherans owned 0.08% of Tennant worth $1,192,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TNC. Creative Financial Designs Inc. ADV raised its stake in shares of Tennant by 44.2% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 4,459 shares of the industrial products company’s stock valued at $364,000 after buying an additional 1,366 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Tennant by 57.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,974 shares of the industrial products company’s stock valued at $1,384,000 after acquiring an additional 6,179 shares during the period. Daiwa Securities Group Inc. raised its position in Tennant by 16.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 5,472 shares of the industrial products company’s stock worth $446,000 after purchasing an additional 773 shares in the last quarter. Amundi lifted its stake in Tennant by 190.4% during the fourth quarter. Amundi now owns 9,666 shares of the industrial products company’s stock worth $773,000 after purchasing an additional 6,338 shares during the period. Finally, Dorsey & Whitney Trust CO LLC boosted its holdings in Tennant by 4.1% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 55,975 shares of the industrial products company’s stock valued at $4,564,000 after purchasing an additional 2,215 shares in the last quarter. 93.33% of the stock is owned by institutional investors.

Tennant Trading Down 1.1 %

Shares of TNC stock opened at $79.92 on Tuesday. The company has a market capitalization of $1.50 billion, a P/E ratio of 18.25 and a beta of 1.02. Tennant has a 12-month low of $78.57 and a 12-month high of $124.11. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average price of $85.17 and a 200 day moving average price of $86.92.

Tennant (NYSE:TNC) last posted its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. The company had revenue of $328.90 million during the quarter, compared to analysts’ expectations of $324.00 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. Research analysts forecast that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.48%. The ex-dividend date was Friday, February 28th. Tennant’s payout ratio is presently 26.94%.

Tennant declared that its board has initiated a stock repurchase plan on Thursday, February 13th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

TNC has been the subject of a number of recent research reports. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Northcoast Research began coverage on Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 price objective for the company.

Insider Activity

In other Tennant news, SVP Barb Balinski sold 1,717 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $86.42, for a total transaction of $148,383.14. Following the transaction, the senior vice president now owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. This represents a 12.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction on Monday, February 24th. The shares were sold at an average price of $87.58, for a total value of $617,701.74. Following the completion of the sale, the insider now directly owns 25,770 shares of the company’s stock, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

About Tennant

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.